History of the Legal Tender Paper Money Issued During the Great Rebellion, Being a Loan Without Interest and a National Currency (Classic Reprint)

How a Civil War era currency changed America’s money and government power.

This nonfiction work examines the ideas, laws, and arguments behind creating a national, credit-based currency during the Great Rebellion. It explores why supporters framed legal tender notes as equal money for all, funded by broad taxation and public trust, and how this approach aimed to avoid costly debt trades and market pressure.

The book presents the stakes in plain terms: who should be paid in coin, how to treat different creditors, and what the government must and can do in wartime finance. It traces discussions on the treatment of bonds, Treasury notes, and the role of Congress and the President in shaping monetary policy and war powers.

• Key concepts like legal tender, national currency, and the balance between debt and taxation.
• Arguments about fairness between soldiers, bankers, and other creditors during a national crisis.
• Analysis of wartime powers, the laws adopted to support the war effort, and the consequences for the economy.
• Context on how money policy intersects with political and constitutional questions.

Ideal for readers of Civil War history and economic policy who want a focused look at how money and government authority interact in a time of crisis.